£120K to save

Legacy_user

I want to put £120K in the highest interest account but it as to be instant access,can anyone please help.

planemad

I would split it in to a few sums of 33k to keep within the FSCS boundaries and place it in.

ICESAVE
KAUPTHING
BM
AA or B&B.

System

Planemad,i need to get instant access to it because it is for my next home when i find one.

Scr00ge

blowfelt wrote: »

Planemad,i need to get instant access to it because it is for my next home when i find one.

I think the accounts that Planemad is referring to are instant access accounts...

nzseries1

Planemad's advice is good, and they are indeed instant access accounts (if you don't count the 2-3 days it takes to withdraw the money via BACS).

If you want more reassurance, read Martin's article on this site:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

varve1939

blowfelt wrote: »

I want to put £120K in the highest interest account but it as to be instant access,can anyone please help.

Hi, I put 95k into alliance and liecester in april, at a good interest,I put it in my wifes name to save tax. Unfortunately,she passed away in june,and a& l say they will take 180 days interest for early closing,so take these bonds out at 6 months only,its a better rate and you have to chance that the rate will stay high. My regular bank (Halifax) say they wouldn't have charged anything due to the death of the named bond holder. Guess where the money will be re-invested! even if it's a poorer rate.

System

Steve_xx states,the full amount deposited it Northern Rock is protected,no matter how much that is.
Is it wise to put a large amount in Northern Rock with what happened to the bank earlier in the year,and is internet banking safe as i am thinking of putting it in Northern Rock's E-Saver account which is an internet account paying 6%?

System

Please can anyone help me in post 7

LongTermLurker

blowfelt wrote: »

Steve_xx states,the full amount deposited it Northern Rock is protected,no matter how much that is.
Is it wise to put a large amount in Northern Rock with what happened to the bank earlier in the year,and is internet banking safe as i am thinking of putting it in Northern Rock's E-Saver account which is an internet account paying 6%?

It's 100% safe while the Government keep it so - so long as you kept an eye on the situation, you should be OK.

Internet banking is as safe as you believe it to be. One way or another, data security always boils down to trust - you either trust the technology and the people involved, or you don't. In this case, the people are the same whether you do it online or in a branch, so it's all down to whether you're happy to trust the technology and the strength of your password. I do.

However, back to the first question --> Instant Access Cash ISA? You're restricted to £3600, but that's a bit of tax saved, then put the rest in a normal (high interest) cash account.

.

System

Thanks Longtermlurker